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Suppose a firm purchases capital and labor in competitive markets at prices of r=6 and w=8,...

Suppose a firm purchases capital and labor in competitive markets at prices of r=6 and w=8, respectively. With the firm's current input mix, the marginal product of capital is 7 and the marginal product of labor is 10. Is this firm minimizing its costs? If so, explain how you know. If not, explain what the firm ought to do

can you please explain in detail

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Rahul Sunny answered 2 years ago
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